Afritec Loans

Terms and Conditions

Afritec (Pty) Ltd. NBFIRA LICENSE 8/3/245/LA

Head Office, Plot 20573/4

Block 3 Industrial

Private Bag BR 60

Gaborone, Botswana

Tel: + 267 367 0702

Fax: + 267 3928727


  1. Interpretation
    • In this agreement, the following words and phrases have the meanings assigned to them
  • ³Borrower´means the person reflected on the loan agreement to which the terms and conditions are attached;
  • ³Lender´or ³Afritec´means Afritec (Pty) Ltd;
  • An expression which denotes any gender includes the other gender, the singular shall include the plural and vice versa and reference to a person includes a juristic person or other body.
  • If more than one person has signed as Borrower, their liability shall be joint and several.
  • The rule of construction that this agreement shall be interpreted against the party responsible for the drafting thereof shall not apply
  1. Payments
  • The Borrower undertakes to make payment of all instalments punctually on the due dates and to repay the full amount by or before the end of the loan period.
  • All payments due under this agreement shall be made without deduction strictly on due date, free of exchange, bank costs and other charges, at Lender¶s place of business or such other place as Lender may from time to time in writing direct.
  • If so required by Lender, Borrower shall complete and deliver to Lender a banker’s stop order or debit order or post-dated cheques or other payment instruments intended to cover the liability of the Borrower in terms of this agreement, none of which shall be regarded as a change, variation or revision of this agreement.
  • Should Borrower fail to pay on due date any instalment damages or other amount falling due or payable to Lender or expended by Lender on behalf of Borrower under this agreement (from whatever cause) such overdue amount shall bear interest at a rate applicable to the principal debt of this agreement, compounded monthly, calculated from the due date of each instalment to the date of payment without prejudice to such other rights as may accrue to Lender consequent upon such failure
  1. Breach

Should the Borrower:

  • Default in the punctual payment of any instalment or any other amount due in terms hereof;
  • Fail to observe and perform any other of the terms, conditions and /or obligations (all of which are agreed to be material) of this agreement or of any other agreement, either between the parties hereto or which has been ceded to Afritec; or
  • Commit any act of insolvency, or being a natural person, assign, surrender or attempt to assign or surrender his estate, or being a partnership be dissolved; or
  • Suffer any default judgement against him to remain unsatisfied for 7 days or be refused rescission within 14 days of any default judgement; or
  • Be sequestrated or placed under judicial management or be wound up, whether provisionally or finally; or
  • Compromise with his creditors or endeavour or attempt to do so; or
  • Have made any incorrect or untrue statement or representation in connection with this agreement or his financial affairs or any particulars thereof; or
  • Do or suffer to be done anything which might prejudice Lender’s right under this agreement or which might cause Lender to suffer any loss or damage; or
  • Dispose of or sell any of his assets (except in the ordinary course of business) or mortgage, pledge or hypothecate or in any other way encumber any of his assets or cede any debts owing to him or take on any loan or purchase movables or lend money to or guarantee the obligations of any person or company without the prior approval of Lender (which approval shall not unreasonably be withheld); or
  • Cause or permit any loan, debt, guarantee, suretyship or other obligations of whatsoever nature, constituting indebtedness of Borrower to become due and payable prior to its specified maturity date by reason of default or should Borrower fail to effect payment on the due date thereof; or
  • Be rated by Lender, at any time after conclusion of this agreement, to be a credit risk with regard to his obligations under this agreement;

then upon the occurrence of any one or more of these events, the Lender shall be entitled, but not obliged, and subject to the provisions of any legislation which may be applicable to this transaction, in its sole and absolute election, and without prejudice to any rights it may have at law, including the right to claim damages, to claim immediate payment of the present value of the full balance then outstanding calculated at an interest rate applicable to the principal debt of this agreement as at date of default and all other amounts then owing in terms of this agreement, irrespective whether such balance and/or amounts are then payable or not.

  1. Confirmation by Borrower

The Borrower confirms that:

  • He has received a loan quote disclosing all the salient features of the loan agreement
  • He understands the dispute resolution process, in that any disputes should first be referred to the branch where the loan was obtained. Should resolution not occur to his satisfaction within 14 days, he can then refer it to the Lender’s CEO at head office. Should it still remain unresolved after another 14 days, it can be referred to NBFIRA.
  • He is in a position legally and financially, to enter into this agreement.
  • He has truthfully disclosed all relevant facts regarding his own current and expected future financial position
  • The initiative leading to this agreement emanated from him.
  • He will inform Lender if any of his personal particulars change.
  1. Consent to credit check
  • The Borrower consents that the Lender can employ all legal means to establish his credit worthiness, including performing background checks and obtaining information about him from credit reporting sources, current and previous landlords, personal and professional references, employers, banks and law enforcement agencies.
  • The Borrower authorises and give permission for all such parties to disclose any information requested about him to the Lender.
  • The Borrower authorises and permit the Lender to obtain updated information when deemed necessary.
  1. Early repayment or settlement
  • The minimum period which must elapse after the commencement date recorded in this agreement before the Borrower may give notice of his intention to repay/settle the loan and interest in full, shall be 90 days;
  • The notice period to be given by the Borrower in writing shall also be 90 days. This means that the Borrower is obliged to pay interest on the loan amount for a minimum of 180 days.
  • Any quote generated for early settlement shall be valid for ten (10) days only.
  • The amount quoted for such early settlement must be settled in full within the 10day period, failing which the quote will expire. A new request and settlement quote will have to be obtained from the Lender.
  1. Insurance
  • Lender may require Borrower to obtain or provide proof of insurance cover, to provide for settlement of the outstanding debt in the event of death.
  • Should Borrower effect his own insurance, Borrower shall ensure that lender’s interest is endorsed on any insurance policies. Borrower shall pay all insurance premiums punctually and shall comply with all the conditions of the policies at all times.
  • Borrower shall within seven [7] days of Lender so requesting, exhibit and / or deliver to Lender proof of payment of the obligations undertaken in terms of this clause and in addition exhibit and/or deliver to Lender such insurance policies as may be required to be taken out in terms of this clause
  • Should Borrower fail to fulfil his obligations as set forth in this clause 7, Lender shall be entitled, but not obliged to carry out, on behalf of Borrower, such obligations and to that end expend such sums of money as Lender in its sole discretion may consider necessary or desirable and to recover sums so expended from Borrower, either on demand or by adding such sums to the principal debt.
  • In event Lender electing to add such sums to the principal debt the finance charge rate applicable in respect of this additional sum shall be at the rate specified in the schedule for the principal debt.
  • Borrower hereby cedes to Lender as security for the proper performance by Borrower of his obligations in terms of or arising from or incidental to this agreement, all Borrower’s right, title and interest in and to the insurance policies referred to in this clause and effected by him or on his behalf and undertakes to deliver such policies to Lender upon demand.
  1. Cooling-off period

Once the loan has been granted, the Borrower can cancel the agreement without any charges by returning all funds disbursed within two (2) days of the signing of the agreement.

  1. Cession and assignment

Borrower shall not cede any of his rights nor assign any of his obligations hereunder without the prior written consent of the Lender.

  1. Costs

All costs and disbursements, including legal costs on the attorney and own client basis incurred by Lender in tracing Borrower and/or collecting or endeavouring to collect all or any amounts payable by Borrower to Lender hereunder, or otherwise, and all collection commissions, and all other fees and charges of a like nature shall be for the account of Borrower and shall be payable to Lender as and when incurred.

  1. Domicilium
  • The parties hereby choose as their domicilia citandi et excutandi, their respective addresses, which shall not be a private bag or post office box number, given on the face of this agreement.
  • Any notice of any change in such address shall be given in writing by the party concerned and either delivered by hand or sent by pre-paid registered mail to the other party, the address so notified, shall serve as the new domicilia citandi et executandi as aforesaid.
  • All notices and communications intended for either party pursuant to this agreement, shall be posted to such party's domicilium for the time being (provided that any notice in respect of any default by the Borrower shall either be hand delivered or be sent by pre-paid registered post addressed to such Borrowers chosen domicilium and in the absence of proof to the contrary be deemed to have been received on the day of delivery or, if posted, on the 5th business day after the date of posting thereof.
  1. Indulgence

No relaxation, extension of time or indulgence granted by either party shall be deemed to effect, prejudice or abrogate or be a waiver of any of Lenders rights in terms hereof, nor shall any such relaxation, giving time, indulgence or judgement taken be deemed to be a change, variation or revision of any of the terms and conditions of this agreement.

  1. Jurisdiction

Lender shall at its option be entitled to institute all or any proceedings against Borrower connected with this agreement in any High Court having jurisdiction, despite the outstanding loan amount falling within the jurisdiction of the Magistrates Court.

  1. Applicable law

This agreement shall in all respects be governed by and construed in accordance with the laws of the Republic of Botswana

  1. Lenders intervention to protect his rights

If Borrower fails to comply with any of the provisions of this agreement, Lender shall have the right, but not the obligation, to affect such compliance on behalf of Borrower. All costs and expenses in effecting such compliance or otherwise shall be paid by Borrower to Lender on demand.

  1. Allocation of payments

Lender is entitled before or after termination of this agreement to appropriate and in its discretion, allocate any payments received from or on behalf of Borrower to any indebtedness of Borrower to Lender and whether in terms of this agreement or from whatsoever other cause arising and Borrower hereby waives the right to name the debt to which any payment made to Lender shall be allocated. Should Lender appropriate as provided herein, Borrower shall forthwith make payment of any shortfall.

Loans Up To P 400 000
Loans Up To P 400 000

We know that access to finance can give you the kick-start you need to create positive change in your life. Let us contact you.

Read More
Easy Top Ups
Easy Top Ups

Our “helping hand” philosophy is to give you what you need, when you need it.

Read More
About Us
About Us

We have been in the business of issuing loans to Botswana Government employees at source deduction for more than 4 years.

Read More